Analyst: USDA planting data 'overplayed'
US corn planting will total 93.5M acres this year while soybean seeding is pegged at 78M acres, the Department of Agriculture said in its baseline projections report today.
Some traders dismissed the report because it's "way overplayed" and isn't based on a scientific survey, said Arlan Suderman, an analyst at brokerage Water Street Solutions.
USDA will release official planting forecasts during a conference in Washington next week. Soybeans rose 1.1% to $13.38 1/4 a bushel while corn was unchanged at $4.40 a bushel on the Chicago Board of Trade.
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(END) Dow Jones Newswires
February 13, 2014 11:46 ET (16:46 GMT)
DJ U.S. Corn, Soybean Planting Estimates 'Overplayed' -- Market Talk->copyright